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December 10, 2012
08:15 EDTCTIXCellceutix enters into $10M common stock purchase agreement with Aspire Capital
Cellceutix announced that it has entered into a common stock purchase agreement with Aspire Capital Fund. Aspire has committed to purchase up to $10M of Cellceutix's common stock over the next three years at prices based on the market price at the time of each sale. Cellceutix will use the net proceeds from the Purchase Agreement to advance the Company's pipeline development, including the Phase 1 trial evaluating Kevetrin as a potential treatment for solid tumors which is currently underway at Harvard Cancer Center's Dana-Farber Cancer Institute and partner Beth Israel Deacones Medical Center; and the development of Prurisol, or KM-133, for psoriasis, where Cellceutix has begun the preparatory work necessary for a Phase 2/3 clinical trial in 2013 following guidance from the U.S. FDA for a section 505b2 designation for Prurisol.
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